WHICH BROKER IS THE BEST FOR BEGINNERS?

There are many stages of trading path including beginners, professionals and experts. In each stage, the traders must choose the best forex brokers to have the real experience in trading. Those brokers must be suitable with traders’ targets, strategies and ways of thinking. Therefore the best forex brokers in the world are not the best ones for beginners. In this article, I will cover all aspects of the top 5 forex brokers in the world for beginners and mention about what traders should do to start trading.

First of all, I note down here three best forex brokers for beginners for your reference:

XM: 9/10

Exness: 8.5/10

FBS: 8/10

Is demo account good for beginners?

Many traders think that it is better for beginners to start with demo account however this thinking is completely wrong. There are some problems with demo account during the trading. Many brokers have the aim to attract more traders so they launch the demo account for traders’ experience. Moreover, they offer the best trading conditions for this type of account which is definitely different from others. If traders trade with demo account, they may win at all. Then they change to the real account, they may fail because the trading conditions of this broker are more complicated. So be careful when trading with demo account.

One more notice, beginners should not trade with ECN account at the beginning. There are too many slippages and gaps. 95% of beginners will lose money so they should invest too much money at the early stage.

Low deposit: Experts often care about trading cost because they invest the big amount of money. However, the beginners don’t care since they deposit the low amount to practice at the beginning. I also advise that beginners only need to deposit less than $100 for this stage. So they don’t need to care much about the trading cost.

Small trading lot required: To avoid the big losses, traders should deposit the minimum amount required by brokers to practice at the beginning. Many brokers have the minimum amount of $100000 which is too high for beginners. They should not trade with them. Instead, there are still brokers with the minimum amount of 0.00001 Lot USD such as XM. For example, Exness and FBS offer Cent accounts with the minimum amount of 0.0001 USD. By this way, beginners only need to deposit $10 to trade within 1 or 2 months for practicing.

Good local support: As you know that the forex market is very complicated so that beginners can understand all. It is necessary to have the support from the brokers. Therefore many brokers have the support system 24/7 in English and native languages. They created the live chat, hot line and the local offices to give the best support to customers.

Top 3 best forex brokers for beginners

XM and Exness are top biggest forex brokers so they are reliable ones while XM is a little bit better because XM allows you to open smaller positions (0.00001 lot USD).

Exness offers the Cent account with the minimum deposit of 0.0001 USD. Its advantages are the good customer service and fast payment system. FBS has the same advantages so they have local offices in some Southeast Asian countries such as Indonesia, Thailand and Vietnam. Because of those reasons, they are listed in the best forex brokers for beginners.